Athena Gold Closes $600,000 in First Tranche of Previously Announced Private Placement
On Monday, October 28, 2024, at 7:54 AM ET
Athena Gold Closes $600,000 in First Tranche of Previously Announced
Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Athena Sets Sights on Gold Exploration in Nevada and Ontario
VACAVILLE, CA / ACCESSWIRE / October 28, 2024 / Athena Gold Corporation
(CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to announce that it has closed
the first tranche of a non-brokered private placement previously announced on October 3, 2024 (the
"Offering"). The Company has issued 12,000,000 units (the "Units") at a price of CAD $0.05 per Unit
for gross proceeds of CAD $600,000.
"We are pleased to see both existing and incoming management lead this financing. With these funds,
we aim to get boots back on the ground at Excelsior in the coming weeks. Meanwhile, the team has
wrapped up our reconnaissance prospecting program at Laird Lake, where we aim to release our initial
sampling results in the coming days" said Koby Kushner, incoming CEO of Athena.
Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-
half of a common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one
Common Share at a price of CAD $0.12 per Warrant for a period of thirty-six months from the date of
issuance, subject to the following acceleration provision. If, at any time after the date that is four months
and one day after the date of issuance of the Warrants, the average volume weighted trading price of the
Company's Common Shares on the Canadian Securities Exchange (or such other stock exchange on
which the Common Shares may be traded from time to time) is at or above CAD $0.20 per share for a
period of 10 consecutive trading days (the "Triggering Event"), the Company may at any time, after the
Triggering Event, accelerate the expiry date of the Warrants by giving ten calendar days notice to the
holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first
day that is 30 calendar days after the date on which such notice is given by the Company announcing the
Triggering Event.
Proceeds of the Offering will be used to fund exploration work on the Company's Excelsior Springs
Project located in Nevada, USA, and the Laird Lake and Oneman Lake Projects recently acquired in
Ontario, Canada, and for general and administrative expenses, including costs related to its proposed
amalgamation and redomicile from Delaware to British Columbia, Canada, with any surplus to provide
general working capital and additional exploration.
No finder's fees were paid in connection with the closing of the first tranche of the Offering.
Insiders of the Company purchased an aggregate of 4,590,000 Units in the Offering for proceeds of
CAD $229,500. This constitutes a related party transaction pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on
Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority
shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the
subject matter of, nor the fair market value of the Units purchased by the insiders under the Offering
exceed 25% of the Company's market capitalization.
All securities issued in connection with the Offering are subject to a four month and one day hold period
in Canada and are subject to applicable United States hold periods.
None of the foregoing securities have been or will be registered under the United States Securities Act
of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or
sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S
under the 1933 Act) or persons in the United States absent registration or an applicable exemption from
such registration requirements. This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets.
Its objective is to locate and develop economic precious and base metal properties of merit and to
conduct additional exploration drilling and studies on the Project.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the "Project") lies within the prolific Walker Lane tectonic trend, a large
region of northwest-trending, strike-slip fault zones that host a significant number of precious metal
deposits having very strong structural control for mineralization. The Walker Lane trend is experiencing
a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 drill holes
to date within a 300m X 3,000m wide (1,000 foot-wide and 10,000-foot-long east-west trending zone of
shearing and alteration. Underground workings on the two patented claims within the Project had
unverified, historical production of 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified
zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The
best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock
immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults.
The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them
potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more
shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that
may be found and could be mined by underground methods. In the opinion of management and its
consultants, the Project is very promising, and further exploration has the potential to expand the known
mineralization and establish additional mineralized zones.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please
visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
President, Athena Gold Corporation
For further information, please contact:
John Power
Email: [email protected]
Jason Libenson
President and CCO
Castlewood Capital Corporation, (647)-534-9884
Email: [email protected]
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian and US. securities laws. All
statements, other than statements of historical fact, included herein including, without limitation,
statements regarding future exploration plans, future results from exploration, and the anticipated
business plans and timing of future activities of the Company, are forward looking statements. Although
the Company believes that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements are typically identified by words such
as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should",
''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by
their nature, refer to future events or results that may, could, would, might or will occur or be taken or
achieved. In making the forward-looking statements in this press release, the Company has applied
several material assumptions, including without limitation, that there will be investor interest in future
financings, market fundamentals will result in sustained precious metals demand and prices, the receipt
of any necessary permits, licenses and regulatory approvals in connection with the future exploration
and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual results may differ materially from those in
forward-looking statements as a result of various risk factors as disclosed in the final long form
prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company
undertakes no obligation to update any of the forward-looking statements in this press release or
incorporated by reference herein, except as otherwise.
SOURCE: Athena Gold Corp